1994 12-08 CC TNT MINUTES - Laserfiche WebLink

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TRUTH-IN�TAXATION HEARING 08 DECEMBER 1994 SUPPLEMENTAL NOTES ❑F EXPLANATION GENERAL FUND EXPLANATIONS GENERAL. It is important to address our General Fund Budget as a fixed and variable income and expense cash basis budget. INCOME. Identifying property tax income as fixed income and all other as variable. (including state aid and construction related income). Operating reserve funds are being set aside for future street maintenance requirements due to the State and County roadway turnbacks which will result in additional street maintenance expenses to the City. Investment income can also offset future unfunded mandates from Federal, State, County, and Metropolitan Council government bodies. EXPENSE. By contracting for services, we are able tomore closely to provide services (police and fire protection) on a bid basis which is far more accurate and less expensive than if we employed these services. SEWER FUND EXPLANATIONS. ENTERPRISE FUND. Income with offsetting expenses. Excess income is. invested for future planning, scheduled and unscheduled maintenance, and possible City Wide mandated sewer installation. ENGINEERING FUND EXPLANATIONS ENTERPRISE FUND. Implemented in 1992 as a result of need to: participate in revision of City's Long Range Plan as well as I-35E Corridor Study, business expansion {Tousley Ford), and response to development in surrounding communit.ies.. Certain portions of this fund are offset by billing land developers for directly related engineering expenses. PARKS & PLAYGROUND FUND ENTERPRISE FUND. This fund was established as the direct result of State Lawmandated use of proceeds to City from taxes on Charitable Gambling. You may wish to explain that we have begun discussing the final use of these funds for bike path development, City Park on lands from realignment of County Road F.. 3